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SHFE metal prices retreat on sell-off

By Michael Bellart  (Global Times)

08:59, September 19, 2012

Domestic commodity futures fell almost across the board as the markets continued to take profits following last week's rally in the global financial markets.

The most traded copper contract on the Shanghai Futures Exchange (SHFE) slipped 0.38 percent to close at 59,590 yuan ($9,429.40) per ton. The January contract edged higher over the session after opening 1 percent below Monday's closing price.

The three-month contract on the London Metal Exchange (LME) was trading down 0.2 percent at $8,273 per ton when the Chinese mainland markets closed.

Benchmark gold and crude oil futures fell in post-Asian trading Monday and into Tuesday as the markets continued to consolidate, commodity analysts from the Australian bank ANZ wrote Tuesday.

"Like oil and gold, market participants took profits after the recent US stimulus announcement sent bellwether copper prices to four-and-a-half-month highs," they wrote.

SHFE base metals all fell Tuesday along with the most traded gold and silver contracts. The December gold contract lost 0.69 percent to close at 361.87 yuan per gram.

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